A truck costing $12,000, which has Accumulated Depreciation of $9,000, was sold for $2,000 cash. The entry to record this event would include a O gain of $1,000. credit to the Vehicles account for $3,000. loss of $1,000. credit to Accumulated Depreciation for $9,000.
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- A truck costing S72,000 has accumulated depreciation of $48,000. The truck is sold for $8,500. The journal entry to record this transaction is to: O A. debit Cash for $8,500, debit Truck for $72,000, credit Accumulated Depreciation - Truck for $48,000 and credit Gain on Disposal for S32,500. O B. debit Cash for $15,500, debit Truck for $72,000, credit Accumulated Depreciation - Truck for $48,000, and credit Gain on Disposal for $8,500. OC. debit Accumulated Depreciation - Truck for $48,000, and credit Truck for $48,000. O D. debit Cash for $8,500, debit Accumulated Depreciation - Truck for $48,000, debit loss on Disposal for $15,500 , and credit Truck for $72,000.A truck costing $12,000, which has Accumulated Depreciation of $9,000, was sold for $2,000 cash. The entry to record this event would include a: gain of $1,000. credit to the Vehicles account for $3,000. loss of $1,000. credit to Accumulated Depreciation for $9,000.A business purchased a motor car on 1 July 20X3 for $20,000. It is to be depreciated at 20 per cent per year on the straight line basis, assuming a residual value at the end of five years of $4,000, with a proportionate depreciation charge in the years of purchase and disposal. The $20,000 cost was correctly entered in the cash book but posted to the debit of the motor vehicles repairs account. How will the business profit for the year ended 31 December 20X3 be affected by the error?
- Good Dairy sold a delivery truck for cash of $6,400. The original cost of the truck was $26,000, and a loss of $4,000 was recognized on the sale. The accumulated depreciation at the date of sale must have been: A . $15,600. B. $12,400. C. $8,400. D. $19,600.A machine costing $75,000 is purchased on January 1, Year 1. The machine is estimated to have a salvage value of $10,000 and an estimated useful life of 4 years. Double-declining-balance depreciation is used. If the machine is sold on January 1, Year 4 for $9,000, the journal entry to record the sale will include: A credit to gain on sale for $1,000. A debit to loss on sale for $1,000. A credit to accumulated depreciation for $65,000. A credit to loss on sale for $1,000. A credit to cash for $9,000.Can you please answer the accounting question?
- What is the depreciation rate for this accounting question?A machine with a cost of $176,000 and accumulated depreciation of $108,000 is sold for $58,400 cash. The amount of the loss related to the sale of this machine should be reported in the operating section under the indirect method is: $86,900. $9,600. $14,100. $28,500. $5,840.A truck that cost R.O.42,000 and on which R.O0.35,000 of accumulated depreciation has been recorded was disposed of for R.O.3,500 cash. The entry to record this event would include a
- A machine costing $75,000 is purchased on September 1, Year 1. The machine is estimated to have a salvage value of $10,000 and an estimated useful life of 4 years. Double-declining-balance depreciation is used. If the machine is sold on December 31, Year 3 for $13,000, the journal entry to record the sale will include: A. A credit to gain on sale for $8,000. B. A debit to loss on sale for $2,625. C. A credit to accumulated depreciation for $59,375. D. A debit to loss on sale for $3,042. E. A credit to gain on sale for $4,979.A truck acquired at a cost of $445,000 has an estimated residual value of $26,500, has an estimated useful life of 45,000 miles, and was driven 4,100 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost $fill in the blank 1 (b) The depreciation rate $fill in the blank 2 per mile (c) The units-of-activity depreciation for the year $fill in the blank 3 Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $32,000 in cash and giving a short-term note for $337,000. Legal fees paid were $1,620, delinquent taxes assumed were $11,900, and fees paid to remove an old building from the land were $18,900. Materials salvaged from the demolition of the building were sold for $5,500. A contractor was paid $1,121,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.$fill in the…A machine with a cost of $170,000 and accumulated depreciation of $105,000 is sold for $56,000 cash. The amount of the loss related to the sale of this machine should be reported in the operating section under the indirect method is: Multiple Choice O O O $83,000. $27,000. $5,600. $15,000. $9,000.